Contractor posts solid results for 2011, but profit dips
Willmott Dixon has posted turnover of over £1bn for the first time in its 160 year history.
The contractor pushed revenue up to £1,052m for the year ended 31 December 2011, up 6% on £989.5m in 2010.
However profit dipped to £21.1m, down 21% from £26.6m the previous year.
Rick Willmott, group chief executive, said: “While it’s a substantial milestone in our 160 year history to become a £1bn turnover company, our reduced profit for 2011 also reflects the tough market we are in where margins are now being squeezed.
“The lack of funding in the public sector together with a lack of confidence in the private sector is placing pressure on workload volumes.
“That said, our strategy to focus Willmott Dixon on new areas of growth, especially in the green economy, to re-balance our work equally between public and private sectors and develop a pipeline of opportunities in our development division Regen, which will also benefit our Capital Works division, is gaining real traction.”